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Coin sellers: How do you figure your asking price?

dan1ecudan1ecu Posts: 1,573
in U.S. Coin Forum
For those of you who have experience selling coins (I don’t - yet), how do you determine the optimum price to ask? What I mean is, you don’t want to wait too long to sell your coin, and you also want the best possible price. How do you settle on a happy medium? Is there a rule of thumb for those who want to sell quickly, but also want a fair price for their coin?

Thanks,

Dan
Dan McInnes

mcinnes@mailclerk.ecok.edu">dmcinnes@mailclerk.ecok.edu

Comments

  • ANACONDAANACONDA Posts: 4,692 ✭
    The following is taken right out of one of my auctions ...1879-S Morgan Dollar PCGS MS65 The 2051 coin.
    Item # 1377480742

    here it is...


    What I do is I get the coin in my hands I look at it, I lean back in my chair, I put my right hand under my chin, I look up at the ceiling fan, and think about a really high ridiculous price and how I'm going to feel when someone buys the coin from me at that price. I keep lowering that price until I say to myself, "I'd rather keep it at that price" then I add $15. So, on this coin, I start out at $20,000 and man, in my mind I'm really happy about selling it at $20,000, my wife is finally gonna know how smart I am, so I know I'm too high although not literally because I'm not Walter Breen. So I lower it to $5000 and I think, "Boy, I'd rather keep the coin because $5000 doesn't even buy you an ugly Trade Dollar in 66 and ugly Trade Dollars in 66 are not rare and Morgans that look like this are. Besides it's been a really long time since I've seen a Morgan that was prettier than this one. There was that PCGS tour coin that's illustrated on page 965 of Highfill's Morgan Dollar book that I sold to Michael Casper that he sold for a profit. I guess that's it." So, I add $15 and that becomes the Buy it Now price.

    adrian
    anaconda.rare.coins (on eBay)
  • JJacksJJacks Posts: 759 ✭

    I start my auctions at a buck with no reserve and see where they go! It is the best way for the buyers. Of course, if I had a bunch of high-end stuff, that may change!image

    JJacks

    Always buying music cards of artists I like! PSA or raw! Esp want PSA 10s 1991 Musicards Marx, Elton, Bryan Adams, etc. And 92/93 Country Gold AJ, Clint Black, Tim McGraw PSA 10s
  • coynclectercoynclecter Posts: 2,111
    Judging from those I have tried to purchase from there seems to be no correlation between value and asking price. EGO seems to have the biggest sway as the sellers are unwilling to "take a loss" as it is somehow an admission of defeat. Its sometimes hard to get a seller to understand that what they are "in it for" means nothing to me. Yet this seems to come up in many pricing discussions.

    I used to appraise real estate. Its the same in coins. Look at Heritage auctions, teletrade. ebay and locate the same coin. Find a few and try to chose one that looks the closest to the one being appraised. Sometimes you might be appraising an MS63 and all you can find are 62 and 64s. Now try a little averaging.

    BUT lets be real, you can't expect to make a profit or even break even on every coin. How much you paid for it has NOTHING to do with its value or your asking price.

    Coyn
  • ANACONDAANACONDA Posts: 4,692 ✭
    I'm sorry, coynclecter, how do you price your coins?
  • coolcoinzcoolcoinz Posts: 20
    same question here LOL sounds like he thinks sellers all ask a lot too mucho!
  • coynclectercoynclecter Posts: 2,111


    << <i>Look at Heritage auctions, teletrade. ebay and locate the same coin. Find a few and try to chose one that looks the closest to the one being appraised. Sometimes you might be appraising an MS63 and all you can find are 62 and 64s. Now try a little averaging. >>



    I thought this answered it. Look at what sold that was very similar, adjust the price if its better or worse.

    BTW
    My comments were not directed at you. With coins of your caliber sometimes it's hard to find a comparable. I guess I'd just start high and lower it slowly till someone bites.

    It's not that I think they ask too mucho, it;s that I don't care to hear nor do I believe that they "are in it $XX" Not an issue nor a basisfor valuating a coin..

    Coyn
  • ANACONDAANACONDA Posts: 4,692 ✭
    Thanks for the clarification.

    adrian
    anaconda.rare.coins (on eBay)
  • braddickbraddick Posts: 23,963 ✭✭✭✭✭
    I have two ways of selling coins.

    1- Coins I no longer care about and the affection and love is lost I throw up on eBay with a 3-day auction, No Reserve and the opening bid of $1.
    I then forget all about the coin until I get that eBay notification the auction closed. I take a quick glance at the closing price- package the coin and ship it off.

    2- Coins I don't want to sell and wish no one would buy (but I've got to look like I'm trying to appease my wife!) I do this:
    http://cgi.ebay.com/ws/eBayISAPI.dll?ViewItem&item=1380131068

    peacockcoins

  • TheNumishTheNumish Posts: 1,628 ✭✭
    For most coins there is a publication called The Coin Dealer Newsletter that most people use as a basis to price their coins. It lists the "wholesale" bids and asks for US coins. For better date gold coins I use Coin World trends. Usually price the coins between 65% and 80% depending on the coin. For coins that aren't listed in either place like cameo coins I look at Teletrade and ebay. Use your common sense. A nice coin is worth extra and an ugly coin is worth less. You just have to use all your resources, think about it, and when you look at the coin it will tell you what to charge.

    Oh yea, for foreign coins I use the Krause Catalog.

    Hey coynclector--Don't worry abot Adrian. He's just been looking at his ceiling fan too long. Can't see straight. LOL
  • ANACONDAANACONDA Posts: 4,692 ✭
    I finally get someone who comes along and starts worrying about me and you come along and spoil it.

    adrian
    anaconda.rare.coins (on eBay)


    just in case...... ;o)
  • lathmachlathmach Posts: 4,720 ✭
    Well, Dan, of course I know what I paid for the coin. I know I didn't pay too much because I only paid greysheet bid - 20%, but I knocked off a full grade when I checked the current price, and convinced the seller this would never slab as high as he thinks.
    Now comes the Coin Show and the doors open. Here comes someone towards my table....I size up my prey and.....

    Ray
  • GilbertGilbert Posts: 1,533 ✭✭✭
    For the few I've sold (and usually to dealers at a show) I fairly happy with greysheet for average for the grade, and if nice, then I work between the grades on the greysheet. For example, I have a very nice MS64, then a choose a price closer to 65 bid than to 64 bid. Another method I consider is, how much would it cost to replace with a comparable coin.
    Gilbert
  • gmarguligmarguli Posts: 2,225 ✭✭
    For most coins I just look at the current prices realized and I try to price it within a few dollars of that.

    For generic coins I usually put them on eBay starting at 1¢ and see whathappens.

    On top pop coins I try to get as many offers as I can and then I sit in pain trying to come up with a fair price.
  • mactmact Posts: 236
    Braddick,

    Love your listing but I don't think I can compete with all the shill bidders.

    matt
    "the world is full of kings and queens, they blind your eyes and steal your dreams, it's Heaven and Hell"

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